On October 2, 2023, the Payment System Area (the “ASP”) of the Central Bank of Uruguay (the “BCU”) published a draft regulation (the “Project”) through which it is intended to modify the Collection of Payment System Standards (the “RNSP”) in order to incorporate provisions on interoperability and interconnection of electronic payment processing networks.
It should be recalled that Law No. 20,075 of October 20, 2022, had amended Article 14 of Law No. 18,910 in order to transfer to the BCU the competence previously held by the Executive Branch to establish rules and technical standards that ensure the compatibility and interoperability of electronic payment processing terminal networks and the interconnection of said networks with issuers of electronic means of payment and acquirers, and the URSEC to establish the criteria to control the effective application of these rules and standards.
As a result, the Project would replace the Interoperability Regulation approved by Decree No. 306/014 (the “Regulation”), with the date of entry into force of the amendments introduced by the Project being the date on which the Decree is finally repealed.
Although, to a large extent, the Bill replicates the content of the Regulation, there are some substantive differences that we take advantage of to highlight below: Read more
